07:30 AM EDT, 10/15/2025 (MT Newswires) -- Headwater Gold ( HWAUF ) said Wednesday that it entered a a definitive agreement granting OceanaGold ( OCANF ) an option to earn up to a 75% interest in Headwater's TJ, Jake Creek and Hot Creek projects in Nevada.

OceanaGold ( OCANF ) can acquire the project stake by spending up to US$65 million on staged exploration expenditures and completing pre-feasibility studies.

Under the terms, OceanaGold ( OCANF ) can earn up to a 65% interest in each project by spending US$25 million on each of the TJ and Jake Creek projects, and another $15 million on Hot Creek.

OceanaGold ( OCANF ) can earn an additional 10% by completing a pre-feasibility study on each project. Headwater will also receive a 1% net smelter royalty upon completion of the studies.

"The stage is now set for series of exploration programs on all three of these projects in 2025," president and chief executive officer Caleb Stroup said. "Mobilization for the TJ drilling program has commenced and we are eagerly anticipating the kickoff of this high-priority drill test."